GREY:BXEFF - Post by User
Post by
shotskion Mar 10, 2010 4:36pm
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Post# 16867651
PMT.UN release
PMT.UN release2010-03-10 16:22 ET - News Release
Ms. Susan Riddell Rose reports
PARAMOUNT ENERGY TRUST MAKES STRATEGIC WEST CENTRAL ALBERTA ACQUISITION AND ENTERS INTO $50 MILLION BOUGHT DEAL EQUITY FINANCING
Paramount Energy Trust has entered into an agreement to acquire oil and natural gas assets in the Edson area of west central Alberta from a Canadian intermediate E&P company for $126-million. PET will acquire 10.1 MMcfe/d of natural gas and liquids production (1,685 BOE/d - 80% natural gas) as well as extensive gathering and processing infrastructure and undeveloped lands in a desirable multi-zone part of the Western Canadian Sedimentary Basin. As part of the Acquisition, PET has agreed to farm-in on 37 gross (31 net) of undeveloped Cardium rights in the area of which 22 net sections are believed by PET to be prospective for light oil. The farm-in includes a two well horizontal drilling and completion commitment, each earning 50 percent of the vendor's net interest in four sections followed by a rolling option to earn the additional lands on the same basis. The transaction will have an effective date of January 1, 2010 and is expected to close on or about April 1, 2010.